MONCLER ANNUAL REPORT AT 31 DECEMBER 2020SEPARATE FINANCIAL STATEMENTS 157156

2.15. FAIR VALUE

IFRS 13 is the only point of reference for the fair value measurement and related disclosures when such an assessment is required or permitted by other standards. Specifically, the principle defines fair value as the consideration received for the sale of an asset or the amount paid to settle a liability in a regular transaction between market participants at the measurement date. In addition, the new standard replaces and provides for additional disclosures required in relation to fair value measurements by other accounting standards, including IFRS 7. IFRS 13 establishes a hierarchy that classifies within different levels the inputs used in the valuation techniques necessary to measure fair value. The levels, presented in a hierarchical order, are as follows: level 1: Fair values measured using quoted prices (unadjusted) in active markets for identical assets or liabilities; level 2: it Fair values measured using inputs other than quoted prices included within Level 1 that are observable for the

asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); level 3: Fair values measured using inputs for the asset or liability that are not based on observable market data (i.e. unob-

servable inputs).

2.16. ACCOUNTING STANDARDS AND RECENTLY PUBLISHED INTERPRETATIONS

ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS EFFECTIVE FROM 1 JANUARY 2020

NEW STANDARDS AND INTERPRETATIONS NOT YET EFFECTIVE AND NOT EARLY ADOPTED BY THE COMPANY

At the date when these annual financial statements were prepared, the European Union s competent authorities concluded the approval process needed for the adoption of the accounting standards and amendments described below. With reference of the applicable principles, the Company has decided not to exercise the option of the early adoption, if applicable.

Document title Issue date Effective from Approval date

EU regulation and date of publication

Amendments to references to Conceptual Framework in IFRS standards

March 2018 1 January 2020 29 November 2019 (UE) 2019/2075 6 December 2019

Definition of material (Amendments to IAS 1 and IAS 8) October 2018 1 January 2020 29 November 2019 (UE) 2019/2104 10 December 2019

Reform of the reference indices for the determination of interest rates (Amendments to IFRS 9, IAS 39 and IFRS 7)

September 2019 1 January 2020 15 January 2020 (UE) 2020/34 16 January 2020

Definition of business (Amendments to IFRS 3) October 2018 1 January 2020 21 April 2020 (UE) 2020/551 22 April 2020

Covid-19-related rent concessions (Amendments to IFRS 16)

May 2020 1 June 2020 9 October 2020 (UE) 2020/1434 12 October 2020

Document title Issue date Effective from Approval date

EU regulation and date of publication

Proroga dell estensione temporanea dall applicazione dell IFRS 9 (Modifiche all IFRS 4)

June 2020 1 January 2021 15 December 2020 (UE) 2020/2097 16 December 2020

Riforma degli indici di riferimento per la determinazione dei tassi di interesse Fase 2 (Modifiche all IFRS 9, allo IAS 39, all IFRS 7, all IFRS 4 e all IFRS 16)

August 2020 1 January 2021 13 January 2021 (UE) 2021/25 14 January 2021

In addition, at the date of these financial statements, the competent bodies of the European Union had not yet completed their endorsement process for the following accounting standards and amendments:

The Company will comply with these new standards and amendments based on their relevant effective dates when endorsed by the European Union and it will evaluate their potential impacts on the financial statements.

Document title Issue date by IASB

Effective date of IASB document

Approval date by EU

Standards

IFRS 14 Regulatory Deferral Accounts January 2014 1 January 2016 Postponed pending the conclusion of the IASB project on rateregulated activities .

IFRS 17 Insurance Contracts, including subsequent amendments issued in June 2020

May 2017 June 2020

1 January 2023 TBD

Amendments

Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28)

September 2014 Deferred until the completion of the IASB project on the equity method

Postponed pending the conclusion of the IASB project on the equity method.

Reference to the Conceptual Framework (Amendments to IFRS 3) May 2020 1 January 2022 TBD

Property, plant and equipment: proceeds before intended use (Amendments to IAS 16)

May 2020 1 January 2022 TBD

Onerous contracts Cost of fulfilling a contract (Amendments to IAS 37)

May 2020 1 January 2022 TBD

Annual improvements to IFRS Standards (Cycle 2018 2020) May 2020 1 January 2022 TBD

Classification of Liabilities as Current or Non-current (Amendments to IAS 1), including subsequent amendment issued in July 2020

January 2020 July 2020

1 January 2023 TBD